Chevron Awards Contracts on Planned Oil & Gas Projects in UK and 2 Other Dow Movers to Watch

Chevron Corp. (NYSE:CVX): Current price $127.31

On Tuesday, Chevron announced that it has awarded contracts that are worth over $844 million for its planned Rosebank and Alder oil and gas development projects, in seas near the United Kingdom. Should the energy major go forward with the projects to produce oil and gas from the fields, it would have to spend billions on drilling equipment, platforms, and undersea systems. It appears the prime subsea contract that was announced on Tuesday was awarded to a joint venture between the oil services firm Schlumberger and valve manufacturer Cameron International, the latter probably best known as the maker of the blowout preventer, which failed in the Gulf of Mexico oil spill of 2010.


Verizon Communications, Inc. (NYSE:VZ): Current price $50.38

Chairman Gerard Kleisterlee of Vodafone said at the company’s annual meeting in London that the group would take seriously any offer for its interest in joint venture Verizon Wireless, but that he had nothing new to announce on Tuesday. Vodafone’s partner Verizon Communications has gone public with its desire to buy out Vodafone in a multi-billion dollar transaction, which would be one of the biggest of all time, if completed. Vodafone owns a 45 percent stake in the joint venture, and said back in May that the firm would consider an offer, but was okay with the status quo at that time.


International Business Machines Corp. (NYSE:IBM): Current price $194.97

IBM on Tuesday presented its new zEnterprise BC12 mainframe, designed for the mot recent advances in analytics, cloud, and mobile computing. Starting at $75,000, IBM is making one of the most secure and technologically advanced enterprise servers, attractive to organizations of all shapes and sizes.


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